Circular 05/2020/TT-NHNN refinancing for Vietnam Bank for Social Policies due to Covid-19

CIRCULAR
On refinancing for Vietnam Bank for Social Policies according to the Prime Minister’s Decision No. 15/2020/QD-TTg on providing regulations on the implementation of policies to support people facing difficulties due to the COVID-19 pandemic

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Pursuant to the Law on State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law on amending and supplementing a number of Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Government’s Decree No. 16/2017/ND-CP dated February 17, 2017 on defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

Pursuant to the Government’s Resolution No. 42/NQ-CP dated April 09, 2020 on measures to support people affected by the COVID-19 epidemic;

Pursuant to the Government’s Decision No. 15/2020/QD-TTg on providing regulations on the implementation of policies to support people facing difficulties due to the COVID-19 pandemic;

At the proposal of the Director of the Monetary Policy Department;

The State Bank Governor hereby promulgates a Circular on refinancing for Vietnam Bank for Social Policies according to the Prime Minister’s Decision No. 15/2020/QD-TTg on providing regulations on the implementation of policies to support people facing difficulties due to the COVID-19 pandemic.

Article 1. Scope of regulation and subjects of application

This Circular prescribes the refinancing of the State Bank of Vietnam (hereinafter referred to as the State Bank) for Vietnam Bank for Social Policies in order to lend the employers to pay job-stopping wages according to the Prime Minister’s Decision No. 15/2020/QD-TTg on providing regulations on the implementation of policies to support people facing difficulties due to the COVID-19 pandemic (hereinafter referred to as refinancing).

Article 2. Refinancing amount

The maximum amount of refinancing is VND 16,000 billion (sixteen trillion dong).

Article 3. Refinancing interest rate

1. The refinancing interest rate is 0% per year.

2. After the refinancing expiration date, the interest rate shall be 0% per year.

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